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August 25, 2003 at 08:00 PM
NEW YORK (HedgeWorld.com)–Some managers affected by last week’s massive power failure were able to continue trading at a back-up office operated by Richard Fleischman & Associates Inc., a New York-based technology firm with around 200 hedge fund clients in the city.
“They were able to come in, check their portfolio and monitor the market on Friday,” said Michael Curry of RFA. “Luckily, activity was pretty light for most people, but even if it had been heavy, these people were ready.” Most of the users are long/short equity funds.
One of RFA’s facilities based in Purchase, N.Y., replicates typical hedge fund operations, including trading. It offers pre-configured workstations that can receive market data feeds from Bloomberg and Reuters. The firm shunts client e-mail to these computers, as well, and provides phone, fax and copier services. The operation has power back-ups and a diesel generator.
Most managers use the servers to back up data, planning to use this data from their homes or some other location, but that was mostly not feasible in the wide-reaching blackout. By contrast, a group of about 15 funds keep office space in the facility, as well as data, and were able to work from there, said Mr. Curry.
“Some are now re-thinking their plans and considering having at least some hot site seating as part of their business continuity strategy,” he added.
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